Florida pastor backs down


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WASHINGTON // The Florida pastor who threatened to commemorate the anniversary of September 11 by burning Qurans promised yesterday to never stage such an event. Terry Jones was in New York yesterday where he was still waiting for an audience with Feisal Abdul Rauf, the imam who planned the Park51 Islamic centre near the site of the former World Trade Center.

"We have decided to cancel the burning. We feel that whenever we started this out, one of our reasons was to show, to expose, that there is an element of Islam that is very dangerous and very radical," Mr Jones said yesterday on NBC's Today show. "I believe that we have definitely accomplished that mission. Even though we have not burned one Quran, we have gotten more than 100 death threats." But the stated mission of the pastor's proposed stunt, which inspired protests in Afghanistan, Pakistan, Indonesia and India, has always been nebulous at best.

The preacher had told Agence France-Presse in July that "we will burn Qurans because we think it's time for Christians, for churches, for politicians to stand up and say no; Islam and Sharia law is not welcome in the US." In the intervening months, the pressure on Mr Jones escalated. A parade of high-profile personalities - including Pope Benedict XVI, Barack Obama, and Angelina Jolie - urged Mr Jones to stop.

On Wednesday, Mr Jones implied in the newspaper USA Today that he might halt his plans if a member of President Obama's administration called him personally. On Thursday, Robert Gates, the secretary of defence, urged Mr Jones not to set fire to any Qurans for the sake of deployed US soldiers. The pastor then called off the event on Thursday after announcing that Mr Rauf had agreed to move the Park51 centre - a request that had apparently been among Mr Jones's unstated objectives.

Mr Rauf countered that not only had he made no such deal, but he had never spoken directly to the pastor, launching Mr Jones into a series of capitulations. "I am surprised by their announcement," the imam said in a statement released Thursday. "We are not going to toy with our religion or any other. Nor are we here to barter." The pastor then announced Mr Rauf had "clearly, clearly lied" about his intention to move the Park51 project, and as late as yesterday, Mr Jones was still equivocating over whether to burn the Qurans.

Faced with a daunting level of international media scrutiny, Mr Jones made another climb-down. If Mr Rauf would meet with him the following day, Mr Jones said on Friday, the pastor would hold off on burning the Islamic holy books. Mr Rauf never replied to the ultimatum. Nevertheless, Mr Jones flew to New York on Friday night, where he told reporters he was hoping to meet with Mr Rauf yesterday. By early yesterday afternoon, even that goal appeared to elude the pastor. Mr Jones told the Today hosts that he had no meeting scheduled with the imam but that he hoped his magnanimous "gesture" might "open up a door to talk" with the Islamic cleric.

"Was it for publicity?" the NBC reporter Carl Quintanilla asked Mr Jones. "Absolutely not," he replied before worrying aloud about Islamist infiltration of the US government. "There is an element that is very, very radical. I am of the opinion that it is very much larger than our politicians and our news media would like for us to believe." mbradley@thenational.ae

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5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.

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The Baghdad Clock

Shahad Al Rawi, Oneworld

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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F1 2020 calendar

March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.

500 People from Gaza enter France

115 Special programme for artists

25   Evacuation of injured and sick